Tundra Semiconductor Reports Results within Guidance

Tundra Semiconductor reported revenue of $14.6 million for its third quarter of fiscal 2009, which ended February 1, 2009. The figure was comprised of $14.1 million in product revenue and $0.5 million in services revenue. The Communications market segment generated $8.0 million in the third quarter and the Computing/Storage market segment generated $6.1 million.


Tundra said the its products business performed beyond its expectations in the quarter and was positively impacted by foreign exchange. Design Services revenue was significantly lower than expected as a result of the cancellation of a large project during the quarter.


Overall quarterly revenue represents a 20% decrease from the second quarter of fiscal year 2009 and a 1% decrease compared to the third quarter of fiscal year 2008. Pro forma earnings for the quarter were $0.1 million or $0.00 per diluted share, compared to earnings of $2.4 million or $0.12 per diluted share in the second quarter of fiscal year 2009 and compared to $0.3 million or $0.02 per diluted share in the third quarter of fiscal year 2008. GAAP loss for the quarter was $1.1 million or $0.06 per diluted share, compared to earnings of $1.7 million or $0.09 per diluted share in the second quarter of fiscal year 2009, and a loss of $54.0 million or $2.73 per diluted share in the third quarter of fiscal year 2008.


"Third quarter results were within the guidance we provided at the close of the second quarter. Quarter over quarter, our cash position increased by more than $1 million and we generated more than $2 million in cash from operations during the quarter. Our cash position at the close of the quarter was more than $63 million and we remain debt free," said Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor. "Considering the current global economic environment we are satisfied with, but not complacent about, the results of the products business during the quarter," continued Hoste.
http://www.tundra.com